The REAL cause of the mortgage industry train wreck:

[gsvol]

Originally Posted by oklavol

You asked does the President have any say over the Chairman. Well he picked him what would you think? The President can replace him in 4 years if he wins re-election, and is not satisfied with how he is doing his job.

I'll take that then this is the full extent of your knowledge of how the Federal Reserve System works.

Since 1979 we have had three Fed chairmen; Volker, Greenspan and Bernanke, we have had five presidents during that same period; Carter, Reagan, Bush I, Clinton and Bush II.

Perhaps you could elaborate on how everything is Bush's fault just because he tried to lead the American people into becoming more of an "ownership" society???

I would call your posts sophomoric but that would be giving you far too much credit.

[oklavol]

Originally Posted by gsvol

I'll take that then this is the full extent of your knowledge of how the Federal Reserve System works.

Since 1979 we have had three Fed chairmen; Volker, Greenspan and Bernanke, we have had five presidents during that same period; Carter, Reagan, Bush I, Clinton and Bush II.

Perhaps you could elaborate on how everything is Bush's fault just because he tried to lead the American people into becoming more of an "ownership" society???

I would call your posts sophomoric but that would be giving you far too much credit.

The President appoints the Fed chairman every 4 years. Just because he choses not to change the chairperson, doesn't mean he can't.

The chairman is appointed by the President, subject to Senate confirmation, to a four-year term. In practice the chairman is often re-appointed,

Chairman of the Federal Reserve - Wikipedia, the free encyclopedia

[gsvol]

Originally Posted by OrangeYankee

Yes, the Carter Administration, that man's stupidity is still wreaking havoc on us to this very day nearly 30 years after he left office. Pretty much solely responsible for almost all of the instability in the Middle East, Started the ball rolling on a banking disaster, gave away a key strategic point (for those of you who struggle with hanging chads, it was the panama canal), but hey he started habitat for humanity!

Anyway, I am not sure how this thing matured over the years, but I read that Clinton put meat on this law's legs early in his presidency, and fast forward to 2003 and yes Bush wanted to take a strong look at Fanne and Freddie: Hot Air Blog Archive Whose policies led to the credit crisis? I know it's a blog but they link to some NYT articles who, at the time, were heaping on the praise to the political geniuses Barney Frank and Chris Dodd and never realized they were incriminating them in the future.

Of course the gutless wonders aka the Republicans absolutely failed to grow some balls and stand up to them (like every other issue), and even Bush rolled out his Compassionate Socialism and started the government take over of huge portions of our economy. In the end the blame does not fall on any one person or party, because basically our Government probably could be better run by trained circus monkeys who just spend all day throwing their poop at each other... oh wait.

A lot of hammering around OY, but you sure do hit some nails squarely on their heads!!!

When you get right down to it, the real blame falls to the American voter for electing (and continuing to reelect) the poop tossing monkeys that call themselves our public servants.

Then of course there are always those who try to muddle the issues with partisan demonization of anyone who makes a statement that doesn't fall into their socialist indoctrinated mindset.

Originally Posted by dan4vols

The only reason our economy hasn't collapsed is because 99.9% of Americans don't understand how it works enough to comment.

Amen, who has more influence on Federal Reserve policy, the POTUS or the BIS? (Bank of International Settlements)?

[oklavol]

Originally Posted by gsvol

The mortgage crisis is a problem created in Washington long ago. It originated with the Community Reinvestment Act (CRA), signed into law in 1977 by President Jimmy Carter. The CRA was Carter's answer to a grassroots activist

If this act was so horrible then why didn't Congress introduce a bill to repeal it? You do know these laws can be repealed?

Apparently since everything is Carter's faults, why didn't the Republicans who are apparently so wise in your eyes repeal it when they had control of Congress and the White House?

Instead they chose to repeal the Glass-Steagall Act in 1999 which created part of the mess:

The repeal enabled commercial lenders such as Citigroup, which was in 1999 then the largest U.S. bank by assets, to underwrite and trade instruments such as mortgage-backed securities and collateralized debt obligations and establish so-called structured investment vehicles, or SIVs, that bought those securities. [12]

Glass-Steagall Act - Wikipedia, the free encyclopedia

[BigPapaVol]

Originally Posted by oklavol

If this act was so horrible then why didn't Congress introduce a bill to repeal it? You do know these laws can be repealed?

Apparently since everything is Carter's faults, why didn't the Republicans who are apparently so wise in your eyes repeal it when they had control of Congress and the White House?

Instead they chose to repeal the Glass-Steagall Act in 1999 which created part of the mess:



Glass-Steagall Act - Wikipedia, the free encyclopedia

Can you imagine the political damage to the pol that tries to wipe out CRA? That's like publicly talking about revamping welfare and public housing programs. Political suicide.

[gsvol]

Originally Posted by oklavol

If this act was so horrible then why didn't Congress introduce a bill to repeal it? You do know these laws can be repealed?

Apparently since everything is Carter's faults, why didn't the Republicans who are apparently so wise in your eyes repeal it when they had control of Congress and the White House?

Instead they chose to repeal the Glass-Steagall Act in 1999 which created part of the mess:



Glass-Steagall Act - Wikipedia, the free encyclopedia

News to me that we had a Republican president in 1999, what did I miss?

I see you rely heavily on wikipedia, you do know anyone can write that crap don't you???

For instance one person corrected an egregious historical error on wonkipedia twice and it was rewritten both times, the first in thirty minutes and the second in twenty minutes.

Wikipedia is a very poor source of information and a very good source of disinformation.

A prime example of that was one entry concerning Siegenthaler that was up for four months accusing him of being involved in the assassination of JFK.

All that supposed information was completely off the wall, especially the part about him leaving the country after the assassination.

You know who Siegenthaler is, right?

BTW, I have nowhere stated that I view Republicans as wise in my eyes, I will state for the record though that Jimmy Carter is a fool of the first order and anyone who supports him is either likewise or deceived by his rhetoric.

Originally Posted by BigPapaVol

Can you imagine the political damage to the pol that tries to wipe out CRA? That's like publicly talking about revamping welfare and public housing programs. Political suicide.

As my congressman said to me in person; "It is impossible to speak the truth in Washington DC for fear of being crucified in the media."

[MontereyVol]

Originally Posted by gsvol

As my congressman said to me in person; "It is impossible to speak the truth in Washington DC for fear of being crucified in the media."

Did you ask him anything or did you just throw a bunch of media articles at him?

[gsvol]

Originally Posted by MontereyVol

Did you ask him anything or did you just throw a bunch of media articles at him?

I asked him something very specific face to face, he feigned ignorance and I said he should damned well know since he was on that committee, that's when he made his lame excuse but I can see what he is saying is true, buck certain interests and you are done in Washington, no matter who you are.

It was hard to really put too much blame on him anyway, the committee finished up final negotiations on the bill around 3 am and the amendment I referred to wasn't in the bill which ran about 600 pages, somehow though, before the bill was brought before the house around 7:30 am, that amendment had magically appeared and was passed.

There are some low life nefarious interests in Washington that certainly don't have the best interest of the American people at heart, that is for sure and certain.

I talked with a retired senator Saturday before last for about 45 minutes and he volunteered quite a bit of information on his own. He brought up the subject of 'lobbyists' and said that when they do what they do, if a legislator asks for the other side of the story they will usually be very forthcoming because down the road they will be back and if they get caught lying today then their credibility is ruined in the future.

I wouldn't use any media article of any kind to bottom the floor of my parrot cage as far as credibility goes.

So what do you have to contribute to the conversation?

Any original ideas??

[MontereyVol]

Originally Posted by gsvol

So what do you have to contribute to the conversation?

Any original ideas??

probably, if I had any desire to read through your novel sized cut and paste quotes.

[rjd970]

Originally Posted by MontereyVol

probably, if I had any desire to read through your novel sized cut and paste quotes.

Amen to that.

[gsvol]

Originally Posted by MontereyVol

probably, if I had any desire to read through your novel sized cut and paste quotes.

There was not any cut and paste in my last reply to you.

[VolByBirth]

Blame what/who you want -- there are so many to blame you are most likely right -- but the Graham, Leach, Bliley Act has a big impact on this whole debacle.

[BigPapaVol]

Originally Posted by VolByBirth

Blame what/who you want -- there are so many to blame you are most likely right -- but the Graham, Leach, Bliley Act has a big impact on this whole debacle.

Good point.

[gsvol]

Originally Posted by rjd970

Amen to that.

That would explain your close minded, politically correct, head in sand, socialist indoctrinated approach to political issues, would it not??